2016-07-05T12:32:56-05:00 2015-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 19103 990 2014-07-01 231352665 DELAWARE VALLEY UNIVERSITY DELA 2154894898 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 CHERYL A MOYER AVP FINANCE 2154894898 2016-06-30 1 JULIUS C GREEN CPA P00350393 2159720701 2014 2016-09-27 15:27:22Z X JOSEPH S BROSNAN 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 92602221 0 X WWW.DELVAL.EDU X 1896 PA A PRIVATE FOUR-YEAR UNIVERSITY PROVIDING HIGHER EDUCATION TO INDIVIDUALS SEEKING ADVANCEMENT. 28 28 1546 1958 9108 8108 6725621 3413673 56170269 59872397 2940434 1715305 12626430 13372392 78462754 78373767 22781916 25716526 0 0 32134903 32646164 0 0 1043378 21679630 21686343 76596449 80049033 1866305 -1675266 126443403 119548255 53675907 50152993 72767496 69395262 X WE ARE INSPIRED BY THE IDEALS OF OUR FOUNDER WHO, IN 1896, EMPHASIZED RESPECT FOR ALL PEOPLE AND IDEAS, WHO HONORED KNOWLEDGE WITH PRACTICE, PROGRESS AND THE COMMON GOOD. OUR HISTORICAL COMMITMENT TO EXPERIENTIAL LEARNING INTEGRATES THEORY AND PRACTICE AND PREPARES UNDERGRADUATE AND GRADUATE STUDENTS TO MEET THE CHALLENGES OF A COMPLEX GLOBAL ENVIRONMENT AND TO ENGAGE IN LIFELONG LEARNING. WE PROVIDE STUDENTS WITH THE REQUISITE SKILLS AND A SPIRIT OF INQUIRY THAT ENRICH AND INFORM THEIR LIVES, PREPARE THEM TO PURSUE MEANINGFUL CAREERS, AND FULFILL SOCIETAL, COMMUNITY AND FAMILY RESPONSIBILITIES. 0 0 70492635 25716526 59903736 DELAWARE VALLEY UNIVERSITY (THE "UNIVERSITY") OPERATES A PRIVATE, CO-EDUCATIONAL FOUR-YEAR INSTITUTION LOCATED IN DOYLESTOWN, BUCKS COUNTY, PENNSYLVANIA. THE UNIVERSITY WAS FOUNDED IN 1896 AND CURRENTLY ENROLLS OVER 1,600 FULL-TIME UNDERGRADUATE STUDENTS. THE UNIVERSITY'S FOCUS IS IN THE AREAS OF HIGH-SCIENCE, AGRICULTURE, BIOLOGICAL AND PHYSICAL SCIENCES, LIBERAL ARTS, TEACHER EDUCATION, AND BUSINESS. BESIDES ITS FULL-TIME UNDERGRADUATE PROGRAMS, THE UNIVERSITY OFFERS ASSOCIATE OF SCIENCE DEGREE PROGRAMS AND CONTINUING EDUCATION PROGRAMS INCLUDING EVENING AND SUMMER SESSIONS. IN ADDITION, THE UNIVERSITY OFFERS FIVE GRADUATE DEGREE PROGRAMS: MASTER OF SCIENCE, EDUCATIONAL LEADERSHIP; MASTER OF SCIENCE, TEACHING AND LEARNING; MASTER OF BUSINESS ADMINISTRATION; MASTER OF ARTS, POLICY STUDIES; AND MASTER OF ARTS, COUNSELING PSYCHOLOGY. 70492635 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 131 0 1 1546 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 28 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X CHERYL MOYER 2152492456 700 EAST BUTLER AVE DOYLESTOWN PA 18901 WARD DR SUSAN B CHAIRPERSON 0.30 X X 0 0 0 ALSAYEGH MAJID VICE CHAIRPERSON 0.30 X X 0 0 0 AICHELE CAROL TRUSTEE 0.30 X 0 0 0 ALPUCHE CHARLES TRUSTEE 0.30 X 0 0 0 ASPLEN CHRISTOPHER TRUSTEE 0.30 X 0 0 0 BAILEY LT GENERAL RONALD TRUSTEE 0.30 X 0 0 0 BECHER DAVID A TRUSTEE 0.30 X 0 0 0 DOUGHERTY ANDREW G TRUSTEE 0.30 X 0 0 0 GALLANT DR GREGORY G TRUSTEE 0.30 X 0 0 0 GASTINEAU EDWARD A TRUSTEE 0.30 X 0 0 0 GEMMILL ELIZABETH H TRUSTEE 0.30 X 0 0 0 HERSHEY ARTHUR D TRUSTEE 0.30 X 0 0 0 KEGGAN EMILY R TRUSTEE 0.30 X 0 0 0 KEIM DR KEVIN L TRUSTEE 0.30 X 0 0 0 KRAUSKOPF JOSEPH C TRUSTEE 0.30 X 0 0 0 LIPINSKI ROBERT TRUSTEE 0.30 X 0 0 0 LOMAX W THOMAS TRUSTEE 0.30 X 0 0 0 MANDELL JONATHAN TRUSTEE 0.30 X 0 0 0 MOSS MICHAEL TRUSTEE 0.30 X 0 0 0 MULLIN WILLIAM J TRUSTEE 0.30 X 0 0 0 O'CONNOR MICHAEL TRUSTEE 0.30 X 0 0 0 OWEN LAURA E TRUSTEE 0.30 X 0 0 0 PISZEK-NELSON HELEN TRUSTEE 0.30 X 0 0 0 QUINN MARGUERITE C TRUSTEE 0.30 X 0 0 0 REIF RICHARD A TRUSTEE 0.30 X 0 0 0 SHERIFF ALAN TRUSTEE 0.30 X 0 0 0 TRAINER DR JAMES F TRUSTEE 0.30 X 0 0 0 WILSON WILLIAM L TRUSTEE 0.30 X 0 0 0 JOSEPH S BROSNAN PRESIDENT 60.00 X 327819 0 34890 ARTHUR D GLASS II VP FOR FINANCE AND ADMINISTRATION 55.00 X 229441 0 28371 BASHAR HANNA VP, ACADEMIC AFFAIRS 55.00 X 222747 0 35249 ARTHUR D GOON VP, ENROLLMENT MANAGEMENT 55.00 X 165242 0 27805 BENJAMIN E RUSILOSKI DEAN, ARTS & SCIENCES 55.00 X 162235 0 21809 KIM LONG DEAN, BUSINESS AND HUMANITIES 55.00 X 154395 0 21197 APRIL VARI VP, STUDENT AFFAIRS 55.00 X 152437 0 20546 RUSSELL C REDDING FORMER, DEAN AGRI. & ENVIRO. SCIENCE 55.00 X 166309 0 13615 1580625 0 203482 14 0 1 0 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 15264 FOOD SERVICE PROVIDER 2833238 INTERNATIONAL MGMT CONSULTANTS 3 GREAT VALLEY PKWY STE 20 MALVERN PA 19355 CONSTRUCTION 1266962 DELRAN BUILDERS COMPANY INC 7909 FLOURTOWN AVENUE WYNDMOOR PA 19038 CONSTRUCTION 437584 RICHARD B SHERKER JR 3240 BRISTOL ROAD CHALFONT PA 18914 LANDSCAPING SERVICES 336136 BURTON F CLARK INC 41155 STATE ROAD ROUTE 10 DELHI NY 13753 CONSTRUCTION 320657 13 57760 469794 2886119 10000 3413673 TUITION AND FEES 611310 59872397 59872397 59872397 1421792 1421792 8938 27825 -18887 -18887 -18887 13653360 751 13360539 59 292821 692 293513 293513 26755 57760 64676 -37921 -37921 1147727 775355 372372 372372 DINING SERVICES INCOME 722210 6487325 6487325 RESIDENCE HALLS 611310 5585926 5585926 PRODUCTION UNITS FARM INCOME 900099 439157 439157 544420 31339 9108 503973 13056828 78373767 59903736 9108 15047250 25716526 25716526 629984 629984 24465813 20285323 3584258 596232 1491193 1246549 208005 36639 4284847 3485981 696405 102461 1774327 1437876 294189 42262 247334 247334 126268 126268 281289 281289 3427414 2189640 1145540 92234 472374 456442 15932 1372134 1146118 167829 58187 24874 24874 1672439 1672439 444579 402842 25344 16393 57308 51105 5328 875 1546906 1507189 39717 4154964 3593586 561378 382051 380851 1200 MEALS 2750552 2688952 49252 12348 EQUIPMENT & REPAIRS 2000921 1977058 20736 3127 EVENTS 506580 409225 23026 74329 LIVESTOCK EXPENSES 497498 497498 1720858 1322561 391206 7091 80049033 70492635 8513020 1043378 503246 140263 2091002 2329326 2127516 2155709 4148914 2061193 2100966 2145319 1114934 1148598 898576 820612 126930336 53012530 76558120 73917806 31528932 29633973 1663176 1473195 3375635 3381156 332386 341105 126443403 119548255 3431800 3822944 3439084 3380218 39006453 37920986 516659 382172 4750000 1980000 2531911 2666673 53675907 50152993 X 48902550 44656391 17431397 17435280 6433549 7303591 72767496 69395262 126443403 119548255 -1675266 -1696968 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 2 283.00 1 0 0.00 0 32764423 864352 -12602 258152 2442301 281289 30634431 30679243 840723 4015331 244954 2281354 244566 32764423 31770724 517223 2369019 231085 3549835 196803 30679243 33066877 634695 -167204 773012 896712 93920 31770724 14354176 16303729 3234154 144081 528809 152292 33066877 0.33500 0.23800 0.42700 0 0 12157985 12157985 85145168 34453666 50691502 22989752 17378054 5611698 6637431 1180810 5456621 73917806 FUNDS HELD IN CUSTODY FOR OTHERS 835587 REFUNDABLE ADVANCES FOR STUDENT LOANS 1831086 2666673 X 52057035 -1696968 -25478620 -27175588 79232623 -858856 -858856 78373767 55429269 858856 858856 54570413 25478620 25478620 80049033 PART II, LINE 9: THE UNIVERSITY OWNS APPROXIMATELY 283 ACRES OF LAND IN BUCKS AND MONTGOMERY COUNTIES UNDER AGRICULTURAL CONSERVATION EASEMENTS PURSUANT TO THE AGRICULTURAL AREA SECURITY LAW. UNDER THESE AGRICULTURAL CONSERVATION EASEMENTS, THE UNIVERSITY'S USE OF THE LAND IS LIMITED TO THE PRODUCTION OF CROPS, LIVESTOCK AND LIVESTOCK PRODUCTS, AND OTHER AGRICULTURAL PRODUCTION. PART V, LINE 4: THE USE OF ENDOWMENT FUNDS IS BASED ON THE RESTRICTION PLACED BY THE DONOR. ANY BOARD-DESIGNATED QUASI-ENDOWMENT FUNDS ARE USED PRIMARILY FOR STUDENT SCHOLARSHIPS. PART X, LINE 2: THE UNIVERSITY FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") GUIDANCE THAT REQUIRES A TAX POSITION TO BE RECOGNIZED OR DERECOGNIZED BASED ON THE "MORE LIKELY THAN NOT" THRESHOLD. THE UNIVERSITY DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO INTEREST OR PENALTIES WERE RECOGNIZED IN 2015 AND 2014. THE UNIVERSITY'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2014, 2013, AND 2012 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS -25,478,620. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -775,355. RENTAL EXPENSE -18,825. SPECIAL EVENTS EXPENSE -64,676. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 775,355. RENTAL EXPENSE 18,825. SPECIAL EVENTS EXPENSE 64,676. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 25,478,620. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NON-DISCRIMINATION POLICY OF THE UNIVERSITY IS INCLUDED IN ALL EXTERNALLY TARGETED PUBLICATIONS, THE UNIVERSITY CATALOG, AND THE WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL FUNDS UNDER THE PERKINS LOAN, PELL GRANT, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT, COLLEGE WORK STUDY, AND OTHER MISCELLANEOUS FEDERAL RESEARCH AND DEVELOPMENT GRANTS. ADDITIONALLY, THE UNIVERSITY RECEIVES VARIOUS GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA AND ITS POLITICAL SUBDIVISIONS. DVC GOLF CLASSIC 84515 57760 26755 60454 354 3868 84515 57760 26755 60454 354 3868 64676 -37921 1 VARIOUS STUDENT SCHOLARSHIPS 1500 25716526 PART I, LINE 2: NEED-BASED GRANTS AWARDED BASED ON FINANCIAL AID NEEDS ANALYSIS. OTHER GRANTS/SCHOLARSHIPS AWARDED BASED ON MEETING REQUIREMENTS SET FORTH BY THE DONOR. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JOSEPH S BROSNAN PRESIDENT 309869 0 0 0 17950 0 26610 0 8280 0 362709 0 0 0 ARTHUR D GLASS II VP FOR FINANCE AND ADMINISTRATION 227491 0 0 0 1950 0 20428 0 7943 0 257812 0 0 0 BASHAR HANNA VP, ACADEMIC AFFAIRS 220797 0 0 0 1950 0 20026 0 15223 0 257996 0 0 0 ARTHUR D GOON VP, ENROLLMENT MANAGEMENT 162842 0 0 0 2400 0 13098 0 14707 0 193047 0 0 0 BENJAMIN E RUSILOSKI DEAN, ARTS & SCIENCES 160935 0 0 0 1300 0 13997 0 7812 0 184044 0 0 0 KIM LONG DEAN, BUSINESS AND HUMANITIES 153095 0 0 0 1300 0 13701 0 7496 0 175592 0 0 0 APRIL VARI VP, STUDENT AFFAIRS 150487 0 0 0 1950 0 13634 0 6912 0 172983 0 0 0 RUSSELL C REDDING FORMER, DEAN AGRI. & ENVIRO. SCIENCE 147009 0 0 0 19300 0 13076 0 539 0 179924 0 0 0 PART I, LINE 1A JOSEPH BROSNAN, THE UNIVERSITY PRESIDENT, IS REQUIRED TO RESIDE ON CAMPUS AS A CONVENIENCE TO THE UNIVERSITY AND AS A CONDITION OF EMPLOYMENT. AS SUCH, THIS BENEFIT IS NOT INCLUDED IN HIS TAXABLE COMPENSATION. A PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY 232243852 70917SBL6 2012-10-18 34853500 CONSTRUCTION/EQUIPMENT/FURNISHINGS - LIFE & SCIENCE BUILDING, BOND REFINANCE 0 0 0 B PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY 232243852 70917PDXO 2004-08-25 5314995 CONSTRUCTION/EQUIPMENT/FURNISHINGS FOR 100-BED DORMITORY & IMPROVEMENTS 0 0 0 A 400000 34853500 2313381 364968 10018896 22190456 2013 1 0 1 1 B 1285000 5314995 185574 140935 10997 4977489 2006 0 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 A 1 B 1 FORM 990, PART VI, SECTION A, LINE 1 THE MEMBERSHIP OF THE EXECUTIVE COMMITTEE CONSISTS OF BETWEEN 6-8 TRUSTEES AND INCLUDES THE UNIVERSITY PRESIDENT, THE CHAIRPERSON AND THE VICE CHAIRPERSON OF THE BOARD, PLUS OTHER TRUSTEES AS VOTED BY THE BOARD. THIS COMMITTEE MAY EXERCISE ALL THE POWERS AND THE AUTHORITY OF THE BOARD OF TRUSTEES EXCEPT FOR THE FOLLOWING: THE FILLING OF VACANCIES IN THE BOARD OF TRUSTEES, THE ADOPTION, AMENDMENT, OR REPEAL OF THE BYLAWS, THE AMENDMENT OR APPEAL OF ANY RESOLUTION OF THE BOARD OF TRUSTEES AND THE PURCHASE OR SALE OR LONG-TERM LEASING (GREATER THAN FIVE YEARS) OF ANY REAL ESTATE, OR THE PLEDGING OR MORTGAGING OF THE SAME. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION CHANGED THE NAME REFLECTED IN THE BY-LAWS FROM "DELAWARE VALLEY COLLEGE OF SCIENCE AND AGRICULTURE" DBA "DELAWARE VALLEY COLLEGE" TO "DELAWARE VALLEY UNIVERSITY". FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT OF THE UNIVERSITY INCLUDING THE ASSISTANT VP OF FINANCE AND THE VP OF FINANCE AND ADMINISTRATION. THE 990 IS THEN REVIEWED BY THE INVESTMENT AND FINANCE COMMITTEE OF THE BOARD AND MADE AVAILABLE TO THE ENTIRE BOARD OF TRUSTEES PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST SURVEYS ARE COMPLETED ANNUALLY BY THE BOARD OF TRUSTEES AND DELAWARE VALLEY UNIVERSITY STAFF. THESE SURVEYS ARE REVIEWED BY SENIOR MANAGEMENT TO DETERMINE IF THERE IS ANY POTENTIAL CONFLICT OF INTEREST. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST BY THE BOARD OF DIRECTORS AND OFFICERS, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTEREST AND MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF AN EMPLOYEE HAS A VESTED INTEREST IN A FIRM THAT IS DOING BUSINESS WITH THE UNIVERSITY, THE EMPLOYEE MUST REPORT THE INTEREST TO THE PRESIDENT AND MUST NOT REPRESENT THE UNIVERSITY IN TRANSACTIONS BETWEEN THE FIRM AND THE UNIVERSITY. NO EMPLOYEE CAN ACCEPT EMPLOYMENT IN ANY ORGANIZATION WHICH CONDUCTS BUSINESS WITH THE UNIVERSITY OR IS A UNIVERSITY COMPETITOR. FACULTY WHO TEACH PART TIME AT OTHER EDUCATIONAL INSTITUTIONS ARE NOT CONSIDERED IN VIOLATION OF THIS POLICY. VIOLATION OF THIS POLICY WILL RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING DISCHARGE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES USES A COMPENSATION CONSULTANT AND INDEPENDENT COMPENSATION SURVEYS TO DETERMINE THE PRESIDENT'S COMPENSATION ANNUALLY. THE SERVICES OF THE COMPENSATION CONSULTANT WERE LAST USED IN 2014. THE EXECUTIVE COMMITTEE APPROVES THE COMPENSATION. THE EXECUTIVE COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES ARE GROUPED WITH ALL OTHER EMPLOYEES WHEN DETERMINING COMPENSATION. THE BOARD OF TRUSTEES APPROVES ALL EMPLOYEE COMPENSATION AND SALARY INCREASES AS PART OF THE ANNUAL BUDGET PROCESS. THE REVIEW AND APPROVAL PROCESS IS DOCUMENTED VIA MINUTES OF THE BOARD OF TRUSTEES AND/OR MINUTES FROM THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 AMENDED RETURN: PART VII SECTION A COLUMN F AND SCHEDULE J PART II COLUMN C WERE AMENDED FOR THE FOLLOWING INDIVIDUALS AS WE HAS PREVIOUSLY REPORTED THE INCORRECT AMOUNT OF 403(B) CONTRIBUTIONS FOR 2014: - BENJAMIN RUSILOSKI - KIM LONG - APRIL VARI CHARITABLE REMAINDER ANNUITY TRUST (2) CHARITABLE TRUST PA DELAWARE VALLEY UNIVERSITY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0